PSU Insurance Premium will always be lower � is it a Myth

Let us look at the following table:

Yes � most of us assume or believe that PSU Insurance Premium will always be lower � is it a truth or is it a myth? With entry of many insurance companies in last 12 years we find that this assumption is not valid.

Family Floater Mediclaim Policy (2+1 Adults)
Insurance Company	Apollo Munich	Religare	Oriental
Product Name	Optima	Care	Gold
Sum Insured (Rs.)	10 Lakhs	10 Lakhs	10 Lakhs
Age
41			14150
37			2830
8			2130
Net Premium	14258	15192	19110
Service Tax 12.36%	1762	1878	2362
Total Premium	16020	17070	21472

 

You will notice that for a family of 41, 37, & 8 with sum assured (family floater) of Rs.10 lakhs the premium is:

Company	Premium Amount (Rs.)	Higher than Apollo Munich by %
Apollo Munich	16020	-- --
Religare	17070	6.55%
Oriental	21472	34.03%

Therefore we come to the conclusion that one should consider various options before going in for selection of any insurance policy.

Artificial Heart is available � Does your Health Insurance policy cover its cost

The Times of India has covered interesting news on availability of artificial heart.

According to this

�A tiny mechanized device weighing 400 grams may give hope to more than 4 million people in the country who die of heart failure every year. A Mumbai hospital has brought in the technology to implant an artificial heart that takes over all functions of the original heart and promises to double the patient�s life expectancy.�

Globally, over 10,000 people are believed to be living with this device so we can say it is a proven commercial alternative.

Rates announced by some hospitals in the country are:

Asian Heart Institute Mumbai                 Rs. 1 crore,

Narayana Hrudayalaya, Bangalore          Rs. 50 Lakhs

It is good to know that some of the Insurance Companies are new offering health insurance product under which you can insure yourself for Rs 50 lakhs /Rs 60 lakhs.

Some of these companies are:-

1. Religare Health Insurance Company Limited
2. L & T General Insurance Company Limited
3. ICICI Lombard General Insurance Company Limited
4. Max Bupa Health Insurance Company Limited

We hope that in near future some insurance companies will come up with Top up/ Super Top products so that families can have insurance Cover of Rs. 100 Lakhs.